News

Industry Updates

January 27, 2023
NRF Says 2022 Holiday Sales Grew 5.3% to $936.3 Billion
 Retail sales during 2022’s November-December holiday season grew 5.3% over 2021 to $936.3 billion, falling short of the National Retail Federation’s forecast amid continuing inflation and high interest rates, NRF said. While holiday growth was less than expected, sales for the year grew 7% over 2021 to $4.9 trillion, meeting NRF’s forecast of between 6% and 8% growth for the year. | More Information


Study: Section 301 Tariffs Hurt American Consumers and U.S.  Businesses Most
The American Apparel & Footwear Association, the Footwear Retailers & Distributors of America, the National Retail Federation, the Retail Industry Leaders Association, and the United States Fashion Industry Association released a study that calls out the detrimental economic impacts of Section 301 tariffs. According to the report, American businesses and consumers were adversely affected by punitive tariffs that began in 2018. The report takes an in-depth assessment of the impacts from the Section 301 tariffs over the last four years on U.S. imports of apparel, footwear, travel goods, and furniture coming in from China. It is based on U.S. government data and responses to a December 2022 survey of American companies sourcing goods from China
. | More Information 



45th Shot Show Concludes with Strong Attendance, Record Exhibit Space
The 45th Shooting, Hunting and Outdoor Trade ShowSM (SHOT Show®), owned and operated by NSSF® — The Firearm Industry Trade Association—was held last week with more events and exhibit space than ever before. Strong attendance, enthusiastic buyers and sellers, and a series of packed special events that collectively made up “SHOT Week” resulted in one of the top-rated SHOT Shows to date. The show spanned Jan. 17-20 at The Venetian Expo and Caesars Forum in Las Vegas. Boasting pre-pandemic level attendance with more than 52,000 industry professionals packing the 13.9 miles of aisles over four days eager to view new, innovative products used for target shooting, hunting, outdoor recreation and law enforcement. | More Information 


Industry Updates

January 17, 2023
NRF Economist Says Balance Between Inflation and Interest Rates is Key to Avoiding  Recession
It’s too soon to say whether the Federal Reserve’s efforts to reduce inflation will lead to a recession, but continuing interest rate hikes increase the chances, National Retail Federation Chief Economist Jack Kleinhenz said. “This year starts with the possibility of easing inflation but also uncertainty,” Kleinhenz said, referring to the interest rate hikes. “There is no easy fix for inflation, and the Fed’s job of trying to bring down rising prices without damaging the labor market or the rest of the economy is not enviable.” “It isn’t impossible to sidestep a recession, but when the economy slows it becomes very fragile and the risk rises significantly,” Kleinhenz said. “If a recession is in the cards, it will likely be rising interest rates that set it off.” Kleinhenz’s remarks came in the January issue of NRF’s Monthly Economic Review, which noted that the Fed increased interest rates another one-half percentage point in December even though year-over-year inflation as measured by the Consumer Price Index fell to 7.1% in November. Inflation was down from 7.7% in October for the fifth consecutive monthly decline after a peak of 9.1% in June. The interest rate hike was smaller than recent three-quarter-point increases but took rates to their highest level in 15 years and showed “the battle against inflation is still at hand,” the report said. | More Information 

Anti-Gun States Renew Attacks on Lawful Firearm Industry in New Year
In anti-gun states, 2023 means new laws are taking effect, including more restrictions on Americans exercising their Second Amendment rights and baseless attacks on the firearm industry that supports that most critical Constitutional right that protects all our freedoms. Fortunately, these attacks are running up against a bipartisan federal law enacted to protect against this very effort. | More Information 



Imports Drop Below 2 Million TEU As Pandemic-Driven Shipping Surge  Comes to an End
With a pandemic-driven surge finally over, monthly import cargo volume at the nation’s major container ports has fallen below the 2 million TEU mark and should remain there through most of this spring, according to the Global Port Tracker report released by the National Retail Federation and Hackett Associates. “After nearly three years of COVID-19’s impact on global trade and consumer demand, import patterns appear to be returning to what was normal prior to 2020,” Hackett Associates Founder Ben Hackett said. “Nonetheless, as inflation eases and consumer spending returns, we project that growth will slowly return going into the second half of the year.” | More Information 


Industry Updates

January 2, 2023

Report: Holiday Shopping Seen as Lackluster in Early Season Review 
The first two weeks of December did not bring much holiday cheer after a lackluster Black Friday and generally disappointing November results. U.S. discretionary general merchandise sales revenue fell over 2 percentage points over Cyber Week (week ending December 3) and 5 percent the following week, according to U.S. retailer point-of-sale data from The NPD Group (NPD). Fourth-quarter retail sales revenue through December 10 was 6 percent below 2021 results, and unit sales were down 10 percent. “The traditional feeling of spirited chaos is missing from retail this holiday season, and not in a good way,” said Marshal Cohen, chief retail industry advisor, NPD. “With just weeks to go in the holiday shopping season, momentum and the urgency to shop are still missing, as the consumer’s need to prioritize higher-priced food is impeding discretionary spending.” | More Information 

Office Colosure

December 19, 2022
Happy Holidays to You and Yours
The Worldwide offices will be closed December 23rd & December 26th. We will back in the office on Tuesday, December 27th.


Industry Updates

December 19, 2022

Imports Winding Down as Holiday Season Nears Finish Line 
With most holiday merchandise already on retailers’ shelves or in their warehouses, December cargo volume at the nation’s major container ports should be significantly below records set earlier this year, according to the monthly Global Port Tracker report released by the National Retail Federation and Hackett Associates. “Retailers are in the middle of the annual holiday frenzy but ports are headed into their winter lull after one of the busiest and most challenging years we’ve ever seen,” NRF Vice President for Supply Chain and Customs Policy Jonathan Gold said. “We’ve dodged a rail strike and the retail supply chain should be able to easily handle the remaining weeks of the holiday season. But it’s time to settle on a labor contract for West Coast ports and address other supply chain issues that remain so the lull doesn’t become the calm before a storm.” | More Information 


EXEC: Smith & Wesson Sees Firearms Demand Recovery Stall
Shares of Smith & Wesson Brands, Inc. lost about 17 percent of its value on Wednesday after the firearms maker reported a 47.5 percent drop in sales in the second quarter ended October 31 due to ongoing inventory rebalancing in the marketplace, combined with the impact of promotional activity by competitors and the trading down by consumers to a lower-priced product. On a call with analysts, Mark Smith, president and CEO, said sales and profitability remain above pre-pandemic levels, with the year-over-year decline reflecting a surge in demand in the year-ago period tied to the pandemic. He also noted that more normal demand levels are expected in the second half of its fiscal year; however, consumer demand for firearms decreased in the latter half of its second quarter. | More Information

 

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